Martin Midstream Partners L.P. (NASDAQ:MMLP – Get Rating) announced a quarterly dividend on Monday, January 23rd, Zacks reports. Stockholders of record on Tuesday, February 7th will be given a dividend of 0.005 per share by the pipeline company on Tuesday, February 14th. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date of this dividend is Monday, February 6th.
Martin Midstream Partners has decreased its dividend payment by an average of 74.8% annually over the last three years. Martin Midstream Partners has a dividend payout ratio of 11.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Martin Midstream Partners to earn $0.05 per share next year, which means the company should continue to be able to cover its $0.02 annual dividend with an expected future payout ratio of 40.0%.
Martin Midstream Partners Trading Down 1.2 %
MMLP opened at $3.25 on Wednesday. The company’s 50 day moving average is $3.18 and its 200-day moving average is $3.55. Martin Midstream Partners has a 1-year low of $2.57 and a 1-year high of $5.98. The company has a market cap of $126.26 million, a P/E ratio of 162.50 and a beta of 2.01.
Analysts Set New Price Targets
A number of research analysts recently issued reports on MMLP shares. TheStreet lowered shares of Martin Midstream Partners from a “c” rating to a “d” rating in a report on Thursday, November 3rd. StockNews.com lowered shares of Martin Midstream Partners from a “strong-buy” rating to a “hold” rating in a report on Friday, November 4th.
Insider Activity at Martin Midstream Partners
In other news, Director Ruben S. Martin purchased 95,408 shares of the stock in a transaction on Friday, November 4th. The stock was purchased at an average price of $3.03 per share, for a total transaction of $289,086.24. Following the acquisition, the director now owns 2,986,986 shares in the company, valued at $9,050,567.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders acquired a total of 100,208 shares of company stock worth $304,613 in the last quarter. 17.00% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its stake in shares of Martin Midstream Partners by 0.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 690,561 shares of the pipeline company’s stock valued at $2,748,000 after acquiring an additional 2,458 shares in the last quarter. Raymond James & Associates increased its stake in shares of Martin Midstream Partners by 351.9% in the 1st quarter. Raymond James & Associates now owns 417,936 shares of the pipeline company’s stock valued at $1,755,000 after acquiring an additional 325,461 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of Martin Midstream Partners by 35.5% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 122,231 shares of the pipeline company’s stock valued at $486,000 after acquiring an additional 31,999 shares in the last quarter. UBS Group AG increased its stake in shares of Martin Midstream Partners by 10.6% in the 1st quarter. UBS Group AG now owns 41,955 shares of the pipeline company’s stock valued at $177,000 after acquiring an additional 4,028 shares in the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in Martin Midstream Partners in the 1st quarter valued at $140,000. Institutional investors own 34.96% of the company’s stock.
About Martin Midstream Partners
Martin Midstream Partners LP engages in a diverse set of operations focused primarily in the United States Gulf Coast region. It operates through the following segments: Terminalling and Storage, Transportation, Sulfur Services, and Natural Gas Liquids. The Terminalling and Storage segment offers storage, refining, blending, packaging, and handling services for producers and suppliers of petroleum products and by-products, including the refining of naphthenic crude oil and the blending and packaging of various grades and quantities of industrial, commercial, and automotive lubricants and greases.
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